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Bankruptcy misconceptions

by John G. Merna

BANKRUPTCY MISCONCEPTIONS:

ARE YOUR BELIEFS ABOUT BANKRUPTCY ROOTED IN REALITY?

If you are like most people, you have some beliefs about bankruptcy. The word “bankruptcy” in print or spoken elicits a response. Generally, a negative one. The word can conjure bad thoughts, insecurity, revulsion, etc. But why?  Most people don’t know anything about bankruptcy.  In reality, for most, bankruptcy equals failure.

Bankruptcy isn’t illegal or immoral.  It is our right under federal law as Americans.  Millions of Americans including celebrities, millionaires, and businessmen take advantage of it every year.

IS OUR IDEA OF BANKRUPTCY ROOTED IN THE CHILDRENS’ GAME “MONOPOLY”?

Our first contact with the concept of bankruptcy comes from the board game Monopoly. Yup. A simple family board game that has been around since the 1920’s. But did you know the the game’s designer, an American woman named Elizabeth (Lizzie) J. Magie Phillips, originally created the game in 1903 to demonstrate the negative effects of concentrating land in private monopolies? It wasn’t (at least originally) a game designed to make having a Monopoly a desirable status. It was designed to show that someone was going to lose and most likely… lose it all.

So what? Winning is better than losing. We all want to win at Monopoly. We don’t want to be the one having to mortgage properties to stay in the game. We don’t want to be the one paying the other player every time we land on another space. Heaven forbid we land on Boardwalk or Park Place loaded with hotels! We don’t want to go bankrupt! Oh No! That is bad.. it means we lose. Right? Bankruptcy = Failure. Failure is bad?

I would first argue that bankruptcy does not equal failure.  But even if you still think that, failure being bad is old thinking.  The thinking of the 21st century is that failure is an opportunity to learn and be better.  I believe this.  Our failures, if we approach them with the right mental attitude, can take us to heights we never believed we could reach.  Failure is good if you are strong enough to recognize it.

A board game is a few hours of fun. When the game is over, it all goes back in the box and we go to a movie or, as kids, we would lay around the house waiting for dinner. But in real life, bankruptcy isn’t about winning or losing, Bankruptcy is about getting a fresh start and recovering from the difficulties of past circumstances. It is about understanding the situations and conditions that brought about the need for bankruptcy and becoming better for it.

Forget what you learned about bankruptcy from a game when you were a kid. Bankruptcy isn’t as simple as “success or failure”, “good or bad” or “win or lose”. The Merna Law Group helps people recover from having to play the game and we understand how to get you the fresh start you deserve.

CLICK HERE TO TALK TO A QUALIFIED BANKRUPTCY ATTORNEY ABOUT GETTING A FRESH START.

 

REQUIRED BAR NOTICE: THESE TESTIMONIALS DO NOT GUARANTEE SIMILAR RESULTS.

 The Merna Law Group, Attorneys At Law, P.C. …debt free!5 Stars! “A friendly staff and outstanding attorney who helped me through a difficult time in my life. Thanks to everyone at the Merna Law Group who helped me move on to and new chapter in my life debt free!” Reviewed by M.F. of Norfolk on Mar 8 . 
 The Merna Law Group, Attorneys At Law, P.C. …very helpful and friendly!5 Stars! “Everyone at the office was very helpful and friendly. The attorney answered all of our questions and helped us through the entire process. He was also very helpful answering concerns that we had after the process was completed/over. Highly recommended!” Reviewed by M.E. of Virginia Beach on Mar 11 . 
 The Merna Law Group, Attorneys At Law, P.C. Didn’t have to worry about anything!5 Stars! “Just keep providing the type of service you do. You business values are based off reliability and service. Today’s Law Offices just don’t offer that kind of experience. Didn’t have to worry about anything!!! Just being able to go on with my normal life and know that all my issues are well taken care of is a relief in itself.” Reviewed by A.P. of Virginia Beach on Mar 4 . 
 The Merna Law Group, Attorneys At Law, P.C. …overall experience was outstanding!5 Stars! “My husband and I were very happy with The Merna Law Firm. They are well organized, time manageable, and friendly. I was even able to bring my children with me if I needed to. In court, they stayed right there beside us and answered all questions we had. Our overall experience was outstanding and I am glad we were represented by the Merna Law Group.” Reviewed by A.M. of Suffolk on Mar 5 . 
 The Merna Law Group, Attorneys At Law, P.C. …kind and friendly from the start!5 Stars! “Everyone there was kind and friendly from the start and helped us with everything in a timely manner. They were never rude no matter how much we called or asked questions.” Reviewed by B.P. of Virginia Beach on Feb 20 .